In July, the Tumalo Residential With Acreage (RW) real estate market continued to see a decrease in inventory, down from 53 Active RW listings in June to 47 in July. By comparison, last year at this time, there were 79 Active RW listings. Meanwhile, in July 2010, the number of Active listings was twice as high (96). Now that’s a significant shift!
The decrease in inventory can be attributed in part to the high number of sales for July. In fact, after experiencing an uncharacteristically slow sales month in June (which saw only two sales), July actually had the most sales per month this year. What’s more, only two months during the past four years have had higher sales (April 2010 and April 2011 each had 12 sales). Another bright spot: Included in the sales was Tumalo’s first million-dollar sale this year, which closed after just 47 days on the market. Alas, the number of Active million-dollar listings is holding steady at 16.
The dwindling inventory (we’re now at just a seven-month supply, down from an 8.2-month supply in June) might help explain the decrease in Pending sales, which at five sales is half the number we saw in June. On the plus side, two of the Pending sales were for homes listed above $500,000, and the single Contingent sale was for a home listed above $750,000. It would be really nice to sell more of the higher-end properties, many of which have been on the market for a year or more.
As a horse-property specialist, Tumalo has always been of particular interest to me because that’s where you’ll find many of the most desirable horse properties in Central Oregon. Because its boundaries are up to interpretation, please consider the following statistics a general barometer of the area’s real estate activity that includes most, but not necessarily all, of the listings in Tumalo.
Here are a few July highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 47
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 5
Residential With Acreage Closed Sales in Tumalo: 11
Average Days on Market: 259 days for Active RW listings
184 days for RW listings sold in July
Median Sales Price: $699,000 for Active RW listings
$330,000 for RW listings sold in July
INVENTORY:
Residential with Acreage: 7-month supply (80 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $164,900
Most-Expensive Residential with Acreage Active Listing: $3,990,000
Price Point with the Most Active Listings: $1,000,000-$1,249,999 (six listings) & $400,000-$449,999 (5 listings)
Listings at $1,000,000 or more: 16
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the July Tumalo real estate market in detail.
Thinking of making a move to Tumalo? I’d love to help you find the perfect Central Oregon property. You can reach me by phone or text at (541) 480-0987 or by email.
About the Author
Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.